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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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The problem with CBDC is that they are actively developing it in a way they intended on rolling it out to the public (they are trying to set up campaign to roll it out) and we would be very screwed if it ever goes live, because it is not decentralized, there is going to be no due process and the authority is controlled by the government which historically have screwed people over repeatedly, just look at civil forfeiture surpassing robbery in USA, they could just do it with a mouse click in CBDC.
Even Yermack points out the risk of political abuse of CBDC and yet they are still going for it.
Why does the US even need crypto though? What problem is that solving? All they need to do is make a government version of Zelle that every bank in the US has to use (in addition to any private tools they like) to settle electric funds transfers and do it for free to the end user and bam, everything from digital cash, with none of the crypto overhead.
You're asking the right question, this is something they don't need and yet they have been pushing this for years.
The phrasing I like is "crypto is a solution searching for a problem".
Crypto enthusiasts start with the existence of crypto and try to fit it as a solution to some problems rather than trying to solve those problems without already having chosen the solution. The reasoning is often flimsy as a result. They're not actually trying to solve a problem and thus won't consider things like "how is this better than a centralized system?".
Ok, so how would you purchase something like something from Wakfu MMO or other services when at the time they were blacklisted by credit card or payment processing gateway? Literally the only way at that time is to purchase crypto like dogecoin so that you could actually buy something on those services. It still happen today where other services are classified as "high risk" depending on what they offers, where they are, and so forth. They get blacklisted by credit card company and payment processing company, so they literally have to resort to using crypto to work around this problem, because what else are they supposed to do?
But go ahead and make up crap about crypto like how it solve nothing. I am honestly tired of people whining about "muh energy efficiency", if you cared that much about energy efficiency, why don't you use the same energy protesting the crypto and instead protest the billionaire flying in their private jets or even better, why not ban computer games altogether? Stop being a hypocrite, I am honestly tired of this.
I guess I thought it was just because of hype, and to say re China - look, we're doing it too. We're not falling behind. I.e. entirely optics and eventually it'll fade away as one of those things that no one cares about.